Multi-Leg SWIFT Transfer Fraud in Indian Firms

How Multi-Leg SWIFT Transfer Fraud in Indian Firms Works

Overview: A new breed of multi-step banking scams is threatening Indian corporates—attackers hack into SWIFT-linked bank systems and orchestrate complex international fund transfers. These money movements bounce through multiple countries and banks, making it difficult for authorities to track or retrieve stolen funds. While typically reliant on technical hacking skills, these attacks are often combined with email deception and fake invoicing. The threat is heightened for any Indian business that processes high-value global remittances. How It Works: Hackers access a bank’s local network—sometimes via malware or credential theft. Without alerting bank insiders, they prepare a series of linked SWIFT payment instructions. A company receives or approves a payment request (sometimes disguised as a vendor invoice via phishing). Funds are then wired from India to another country (e.g., USA), onward to a third (e.g., China or Turkey), and finally deposited in a scammer-controlled account. Criminals use this multi-leg approach to evade anti-fraud checks. India Angle: The scam leverages India’s robust presence in international business. Banks in Mumbai, Chennai, and Delhi—handling large forex remittances—are at elevated risk. Companies with overseas payroll or frequent vendor payments are most likely to be targeted. At least 18 crypto wallet-linked scams of this type were reported in 2026, often involving staff tricked by phishing emails. Real Examples: In a recent incident, an Indian IT exporter’s accounts team received what appeared to be a genuine invoice from a regular supplier. The email instructed them to pay to a new bank account routed via Frankfurt, followed by a transfer to an account in Turkey. The original supplier later denied changing their account details, revealing the fraud. Red Flags: - Chained or split payments that traverse several banks/countries - Unusually high-value transactions ($100,000+) - Invoice payment instructions received from unfamiliar emails - Pressure to avoid involving compliance/finance heads Protective Measures: - Never approve new payment instructions without voice confirmation - Audit email processes for phishing and lookalike domains - Ensure RBI-mandated IT security checks are current - Adopt SWIFT’s new AI fraud flagging If Victimised: Contact your bank and request immediate SWIFT recall if possible. Report incident to cybercrime.gov.in and the RBI fraud portal. Retain all communication evidence. Related Scams: - Phished Vendor Account Change Frauds - Invoice Redirection Scams

Visual Intelligence:

BharatSecure's AI has identified this as a used in scams targeting Indian users.

Who Does Multi-Leg SWIFT Transfer Fraud in Indian Firms Target?

General public across India

Red Flags — How to Identify Multi-Leg SWIFT Transfer Fraud in Indian Firms

• Multiple international wire legs requested
• High-value payments to unfamiliar vendors
• Payment requests from new or odd email IDs
• Instructions to bypass standard approval chains

What To Do If You Encounter Multi-Leg SWIFT Transfer Fraud in Indian Firms

1. Do not click any links or share personal information
2. Block and report the sender immediately
3. Report at cybercrime.gov.in or call 1930
4. Inform your bank if financial details were shared

How to Report Multi-Leg SWIFT Transfer Fraud in Indian Firms in India

• Call 1930 — National Cyber Crime Helpline (24x7)
• File a complaint at cybercrime.gov.in
• Contact your bank immediately if money was lost
• Call RBI helpline: 14440 for banking fraud

Frequently Asked Questions

What is Multi-Leg SWIFT Transfer Fraud in Indian Firms?

Overview: A new breed of multi-step banking scams is threatening Indian corporates—attackers hack into SWIFT-linked bank systems and orchestrate complex international fund transfers. These money movements bounce through multiple countries and banks, making it difficult for authorities to track or retrieve stolen funds. While typically reliant on technical hacking skills, these attacks are often combined with email deception and fake invoicing. The threat is heightened for any Indian business tha

How does Multi-Leg SWIFT Transfer Fraud in Indian Firms work?

Overview: A new breed of multi-step banking scams is threatening Indian corporates—attackers hack into SWIFT-linked bank systems and orchestrate complex international fund transfers. These money movements bounce through multiple countries and banks, making it difficult for authorities to track or retrieve stolen funds. While typically reliant on technical hacking skills, these attacks are often co

How to protect yourself from Multi-Leg SWIFT Transfer Fraud in Indian Firms?

Do not click any links or share personal information Block and report the sender immediately Report at cybercrime.gov.in or call 1930 Inform your bank if financial details were shared

How to report Multi-Leg SWIFT Transfer Fraud in Indian Firms in India?

Report to cybercrime.gov.in or call 1930 (National Cyber Crime Helpline). You can also contact your local police station's cyber cell.

Verify Any Suspicious Message

Check any suspicious message, link, or call for free at bharatsecure.app. BharatSecure uses AI to detect scams in real-time and protect Indian users.